v3.26.1
Revenue and Geographic Area
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue and Geographic Area

4. Revenue and Geographic Area

Disaggregation of Revenue by Product Type and Geographic Area

The following tables present the Company's revenue for the three and six months ended June 30, 2026 and 2025 based on product type and the geographic location of customers’ facilities (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Product revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Instruments

 

$

5,130

 

 

$

5,215

 

 

$

9,600

 

 

$

11,861

 

Consumables

 

 

9,385

 

 

 

10,458

 

 

 

20,369

 

 

 

18,593

 

Total product revenue

 

 

14,515

 

 

 

15,673

 

 

 

29,969

 

 

 

30,454

 

Services and other revenue

 

 

5,589

 

 

 

6,089

 

 

 

11,281

 

 

 

11,530

 

Total revenue

 

$

20,104

 

 

$

21,762

 

 

$

41,250

 

 

$

41,984

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Americas

 

$

7,646

 

 

$

8,689

 

 

$

15,394

 

 

$

15,756

 

Europe, Middle East and Africa (EMEA)

 

 

8,623

 

 

 

9,128

 

 

 

17,985

 

 

 

18,024

 

Asia-Pacific

 

 

3,835

 

 

 

3,945

 

 

 

7,871

 

 

 

8,204

 

Total revenue

 

$

20,104

 

 

$

21,762

 

 

$

41,250

 

 

$

41,984

 

Unfulfilled Performance Obligations

A summary of the change in deferred revenue is as follows (in thousands):

 

 

 

Amount

 

Deferred revenue at December 31, 2025

 

$

42,452

 

Recognition of revenue from beginning deferred revenue balances

 

 

(5,671

)

Recognition of revenue attributed to discontinued operations(1)

 

 

(29,285

)

Revenue deferred during the period, net of revenue recognized

 

 

4,794

 

Deferred revenue at June 30, 2026

 

$

12,290

 

 

(1)
Deferred revenue related to the Collaboration Agreement with Illumina was fully recognized upon the sale of the Disposed Entities. The Company has classified this revenue within discontinued operations consistent with the treatment of all SomaScan Business-related activities. Please see Note 3, Discontinued Operations, for more information.

 

The Company expects to recognize revenue from unfulfilled performance obligations associated with service contracts that were partially completed as of June 30, 2026 in the following periods (in thousands):

 

Fiscal Year

 

Expected Revenue (1)

 

2026 remainder of the year

 

$

6,328

 

2027

 

 

5,710

 

2028

 

 

2,887

 

Thereafter

 

 

2,179

 

Total

 

$

17,104

 

 

(1)
Expected revenue includes both billed amounts included in deferred revenue and unbilled amounts that are not reflected in the Company’s condensed consolidated financial statements and are subject to change if the Company’s customers decide to cancel or modify their contracts. Purchase orders for instrument service contracts can generally be canceled before the service period begins.

The Company also has unsatisfied performance obligations for service contracts with an expected term of one year or less not included in the amounts above.